Hyundai Motor India receives GST order of Rs 517.34 crore for alleged short payment on SUVs
Hyundai Motor India Limited informed the exchanges that it has received an order from the Commissioner (Appeals), CGST Department, Tamil Nadu, confirming a GST Compensation Cess demand of ₹258.67 crore, along with an equal amount of penalty, bringing the total to approximately ₹517.34 crore.
According to the company's regulatory filing under Regulation 30 of SEBI LODR, the order pertains to an alleged short payment of GST Compensation Cess on certain SUV models sold between September 2017 and March 2020.
The order was received via email on 21 July 2025 at 6:40 PM, from the Office of the Commissioner of GST & Central Excise (Appeals – II), Tamil Nadu. Key details of the order: Particulars Details Authority Office of the Commissioner of GST & Central Excise (Appeals – II), Tamil Nadu Nature of Order Confirmation of GST Compensation Cess demand Amount of Demand ₹258.67 crore Penalty ₹258.67 crore Total ₹517.34 crore Period in question September 2017 – March 2020 Allegation Short payment of GST Compensation Cess on certain SUV models
The company stated that there is no impact on its financial, operational, or other activities at present due to this order and confirmed that it is reviewing the order and will exercise its right to file an appeal.
This move comes amid heightened scrutiny of the automotive sector over classification and cess rates applicable to vehicles sold during the initial GST regime years.
Hyundai reiterated its commitment to comply with applicable laws and stated it remains confident about its position on the matter.
Ahmedabad Plane Crash
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
7 hours ago
- Business Upturn
Bharti Airtel completes 5% stake acquisition in Ericsson's Aduna Global Holding LLC
By Aditya Bhagchandani Published on July 29, 2025, 13:07 IST Bharti Airtel Ltd has announced the successful completion of its acquisition of approximately 5% membership interest in Aduna Global Holding LLC, a venture established by Ericsson in collaboration with global communication service providers. This follows the company's earlier intimation dated October 31, 2024, regarding its entry into a Membership Interest Purchase Agreement for the stake. Aduna is focused on aggregating and globally selling network Application Programming Interfaces (APIs)—a key area for future telecom innovation. The completion of this strategic investment marks Bharti Airtel's growing push into next-gen telecom technologies and open network platforms. The deal aims to enhance interoperability and monetization opportunities through standardized API exposure across global networks. Ericsson also issued a press release confirming the completion of the Aduna transaction. Disclaimer: This article is for informational purposes only and should not be considered financial or investment advice. Investors are advised to consult certified professionals before making investment decisions. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
11 hours ago
- Business Upturn
RPSG Ventures shares rise over 3% after Manchester Originals acquisition update
By Aditya Bhagchandani Published on July 29, 2025, 09:41 IST Shares of RPSG Ventures Ltd jumped over 3.6% on Monday, July 29, to ₹986.00 on the NSE after the company confirmed the acquisition of a majority stake in a UK-based cricket franchise. The surge came after RPSG Sports Ventures Pvt Ltd (RPSVPL), a subsidiary of RPSG Ventures, executed a Share Purchase Agreement with the England and Wales Cricket Board (ECB) to acquire a 70% equity stake in Manchester Originals Ltd. According to the company's stock exchange filing, the acquisition was completed on July 28, 2025, for a total consideration of GBP 81.21 million (approx ₹941 crore), to be paid over a period of 24 months. This strategic move brings Manchester Originals—a team in 'The Hundred' cricket tournament—under RPSG's sports portfolio. The management said the acquisition is part of RPSG's long-term vision to strengthen its footprint in the global sports ecosystem, particularly in cricket. It expects the deal to open up international growth opportunities through collaborations, talent development, and increased brand visibility across major cricket markets. Manchester Originals, founded in 2019, had a turnover of GBP 2.04 million for the financial year ending January 2024. The team represents Lancashire in The Hundred and becomes a step-down subsidiary of RPSG Ventures following the acquisition. The announcement was well received by investors, pushing the stock to its day's high of ₹988.65. RPSG shares have now gained over 45% in the past six months. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
11 hours ago
- Business Upturn
Waaree Energies shares rise over 3% after 89% YoY surge in Q1 profit
By Aditya Bhagchandani Published on July 29, 2025, 09:18 IST Shares of Waaree Energies Ltd jumped 3.47% on the BSE to ₹3,218.60 on Tuesday, after the company reported a robust 89% year-on-year (YoY) surge in consolidated net profit for the first quarter of FY26. The solar energy player posted a profit after tax (PAT) of ₹745 crore, sharply up from ₹394 crore in Q1 FY25. Sequentially, PAT rose 20% compared to ₹619 crore in Q4 FY25. Revenue from operations also impressed, climbing 30% YoY to ₹4,426 crore and marking an 11% sequential rise from ₹4,004 crore in the March quarter. Segment Highlights Solar Photovoltaic Modules : ₹3,872 crore in Q1FY26 vs ₹3,178 crore YoY and ₹3,617 crore QoQ EPC (Engineering, Procurement & Construction) : ₹589 crore vs ₹226 crore YoY and ₹465 crore QoQ Power Generation: ₹11 crore, flat YoY and up from ₹8 crore QoQ The company's total expenses for the quarter stood at ₹3,654 crore, up from ₹2,966 crore in Q1 FY25 and ₹3,291 crore in Q4 FY25. Spending rose mainly due to higher input costs, purchases, and employee benefit expenses. With continued growth across all verticals and strong sequential momentum, investor sentiment appears optimistic, reflected in Tuesday's share price action. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
